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Need home improvement loan... its complicated!
titch77piglet
Posts: 3 Newbie
in Loans
We would like to put a dormer loft conversion on our bungalow. The property has no mortgage and the deeds are in 3 parties names' as it is an inherited property. 4 years ago we consolidated our debts into a one monthly payment plan, now we are unable to apply for loans etc :mad:
We have 20k to carry out the work however quotes are coming in at £35k!!!
Would our bank be able to give us a home improvement loan??? Really dont want to make an appointment just to be embarrassed when they say NO!
Any advise greatly appreciated
We have 20k to carry out the work however quotes are coming in at £35k!!!
Would our bank be able to give us a home improvement loan??? Really dont want to make an appointment just to be embarrassed when they say NO!
Any advise greatly appreciated
0
Comments
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If you are in a DMP then no they will not lend you the money.
If the property is in 3 names what does the other parties think about this?0 -
Are you allowed to get more debt if your on a DMP?All that glitters is not gold.0
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Why the :mad: ?
If you've got £20k pay off your debts.
You've dug your own hole.0 -
I agree with the above. You should not be thinking about getting a loft conversion when you have enough debt to be in a DMP.
Use that £20k and pay off your debts. Then in a few years you can think about getting a conversion.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
" Need home improvement loan... its complicated!"
Need .... or want. There is a difference."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
If it was up to me I would pay off DMP!! My other half set up the plan as he had maxed credit cards, somehow I am black listed and I've never had a credit card or loan!!! as for the 20k my mother in law is giving it to my other half on the proviso he spends it the house (she is one of the 3 owners)!
I was looking for advise not condemnation! Wasn't sure if a property with no mortgage could be borrowed against?0 -
titch77piglet wrote: »If it was up to me I would pay off DMP!! My other half set up the plan as he had maxed credit cards, somehow I am black listed and I've never had a credit card or loan!!! as for the 20k my mother in law is giving it to my other half on the proviso he spends it the house (she is one of the 3 owners)!
I was looking for advise not condemnation! Wasn't sure if a property with no mortgage could be borrowed against?
For people who aren't in a DMP, it is possible. But it is so majorly unlikely that you will get any credit whilst in a DMP and you have no credit history yourself.
How much is owed on your DMP? You could talk to your mother in law and explain the situation. She might be willing to help out with paying off your DMP if you make an agreement with her to pay her back.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0
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